MicroEncryption technology promises to secure digital currencies
New technology from startup Krypti aims to secure valuable digital assets through MicroTokens
The high levels of cyberattack against crypto-currency exchanges is driving the need for a new way to store digital currencies, according to the founder of Krypti.
Krypti is a startup which has developed MicroToken Exchange (MTE), a new way of storing and securing sensitive digital assets.
Founder Steven Russo says that the new approach represents a paradigm shift in the way that digital assets are secured, a necessary change owing to the ongoing attacks against crypto-exchanges, and the increasing difficulty of securing any system against a determined hacker,
"The sad reality is that all data that is being stored utilizing traditional methods is at high-risk today," said Russo. "As we look around the global landscape today, with the advent of supercomputers and quantum computer systems, almost all of the existing security architectures are facing significant vulnerabilities, requiring a change to today's thinking regarding how data is protected, especially digital currency. What needs to change is the way these sensitive digital assets are stored and secured."
Almost all current storage solutions store data in a vault, protected by encryption of the data, supported by firewalls and intrusion protection. These solutions are proving inadequate, so the Micro Token Exchange (MTE) solution removes the data from where the bad actor thinks it ‘should be', and replace it with a MicroToken, Russo explained.
The solution use Eclypses MicroEncryption to remove data from the system, so it if a bad actor is able to compromise the system, the data is not there. Only authorised users are still able to access the data, in near real time.
In order to secure data at rest, Eclypses replaces any size file or data element with a MicroToken that serves as a placeholder for the original data. The original data is encrypted and broken apart into many segments that are then stored in different physical locations. Records in a database can be encrypted one field at a time, while being protected separately, ensuring that each and every piece of sensitive data is individually protected, with no possibility of a mass breach.
The MTE technology can also protect data in motion, by acting as a translator between the sending device and the receiving device. The MTE replaces a system command or transmission data with a MicroToken just before the packet is sent, which is then translated back at its destination.
Krypti is developing a wallet solution, KryptiWallet, which will utilise MicroToken Exchange as well as MicroEncryption methodologies, along with additional layers, to ensure that it is unassailable. The KryptiWallet solution, which will be available from the start of next year, will be certified to credit card industry standard PCI DSS Level 1, as well as offer HIPAA compliance so that healthcare information can also be secured in a compliant manner.
The company also plans to make the MTE technology available in format so that digital currency exchanges can utilise it for their own transactions and data.